Your credit score goes a long way in determining what type of mortgage interest rate you're likely to obtain, or, if you're approved for a home loan. All three credit bureaus -- Experian, Equifax and TransUnion -- use a slightly different scoring system, but the FICO score is the most universally recognized.
Your FICO score may range anywhere from the lowest, 300, to the highest, 850, and takes into account many factors:
Higher scores indicate to lenders that you're a better credit risk, which may qualify you for a better mortgage rate. Often, home buyers find their scores ranging between 600 and 850.
How can you boost your credit score over time? Keep a revolving line of credit, pay off loans, credit card bills and other debts on time (and in full), and minimize the amount of "hard" checks to your credit history. By law, you're entitled to your current credit score through each of the credit bureau's websites.
To learn more and to speak with a Loan Officer right now, call Premium Mortgage Corporation toll-free
at 1 (844) 793-0177.
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Alabama - Alabama Consumer Credit License #23190 - Alabama State Banking Department
Connecticut - Mortgage Lender License - ML-3254 - Connecticut Department of Banking
Florida - Mortgage Lender License - MLD745 - Florida Office of Financial Regulation
Massachusetts - Mortgage Lender License - ML3254 - Massachusetts Division of Banks
Nebraska - Nebraska Mortgage Banker License NMLS# 3254
New Jersey - New Jersey Residential Mortgage Lender License - New Jersey Department of Banking and Insurance
New York - Licensed Mortgage Banker NYSDFS License 3254
Ohio - Mortgage Broker Act Mortgage Banker Exemption - RM 85028.000 - Ohio Division of Financial Institutions
Pennsylvania - Mortgage Lender License - 58841 - Pennsylvania Department of Banking and Securities
South Carolina - BFI Mortgage Lender / Servicer License MLS# 3254
Tennessee - Tennessee Department of Financial Institutions NMLS# 3254
Texas - Texas Department of Savings & Mortgage Lending | Texas SML Mortgage Banker Registration | Texas Consumers – Complaints
Vermont - Lender License - 6339 - Vermont Department of Financial Regulation